‘Hope Trade’ Is Under a Cloud of Doubt: Few things are as consistent in the U.S. home-building industry as the annual hope trade, in which investors bid up the stocks of home builders each winter in anticipation of a robust spring season for home sales.This year, the hope trade isn’t a sure bet.

Student Housing Goes Upmarket: Real-estate analysts are worried that the flood of new student housing—much of it from private-equity firms and public real-estate investment trusts—is starting to squeeze out smaller owners.

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